HYPE hits $76 as ETF demand grows
- Hyperliquid (CRYPTO:HYPE) reached a record high of US$76.70 after ETF-related buying and rising platform activity.
- Bitwise purchased about 77,100 HYPE tokens valued at approximately US$5.2 million for its new ETF.
- Growing derivatives activity and protocol buybacks continued to support demand for the token.
Hyperliquid (CRYPTO:HYPE) climbed to a new all-time high of US$76.70 after ETF-related purchases, increasing platform activity and short liquidations boosted demand for the token.
The token gained nearly 10% over 24 hours, 46% over the past week and more than 90% over the past month as traders pushed prices above the closely watched US$70 level.
“Hyperliquid directs 97% of trading fees toward buying and burning HYPE,” according to data cited by crypto.news.
Asset manager Bitwise purchased approximately 77,100 HYPE tokens worth about US$5.2 million to support its recently launched Hyperliquid ETF, while protocol revenue continued to fund token buybacks.
Platform activity remained strong with the SpaceX pre-IPO perpetual futures contract generating about US$1.2 billion in weekly volume, and following the development HYPE was up around 10% at US$75.50.
CoinGlass data showed Hyperliquid's share of global perpetual futures open interest reached about 8.3%, with total open interest exceeding US$9.6 billion and annualised protocol revenue surpassing US$1 billion.
Recent demand also absorbed a token unlock worth roughly US$700 million, while traders continued to monitor resistance levels near US$81.25 and US$87.50 and support zones around US$71.8 and US$67.7.
At the time of reporting, Hyperliquid price was $74.31.
